My 1099-K Showed My Revenue. Here’s the Checklist I’m Using to Find Every Expense

Key takeaways

• Your 1099-K shows gross revenue, not what you actually kept.
• Deductions can significantly reduce your taxable income—but only if you find them.
• Start with what’s easiest to find, then work your way to industry-specific expenses.

Two thoughts appeared when I first opened my 1099-K form.

My first thought? That’s way more money than I took home last year. 

My second thought? Wait — I can deduct expenses, which means I could pay less in taxes. Time to track down every.single.one.

If you’ve had similar thoughts, use this checklist to find your deductible expenses and bring your taxable income down. 

Start with the easy stuff

Check your business credit card or bank statements for recurring costs like software subscriptions, web hosting, email platforms, and project management tools. If you’re short on time, do a quick scan of July and December for mid-year and end-of-year expenses.

Next, think about annual expenses. Business insurance. Professional licenses. These are easy to forget because you pay them once and move on — but they still count.

Now tackle your calculations

Measure your home office space. Even a small desk or corner can qualify. Then estimate how much of your phone and internet you use for work — 50%? 75%? Pick a reasonable number and stick with it. Remember — the space needs to be used regularly and exclusively used for business to qualify.

Don’t forget mileage. Look back at your calendar and retrace trips to client meetings, errands, or work-related travel. It adds up fast.

And if you bought equipment this year (e.g., a laptop, camera, desk), that can be deductible too if used for work. These aren’t monthly expenses, so they’re easy to miss. Now that you know what counts, you won’t.

Track down hidden expenses

Now for the expenses that slip through because they’re small or irregular.

Professional development? That online course counts. So does the industry book you bought. Conferences and webinars can be deductible, too.

What about marketing costs? Business cards, ads, promotional materials — those add up. If you paid a contractor or freelancer, make sure you’ve tracked those payments.

And here’s where it gets specific to your business:

• Selling products online? Packaging and shipping supplies count.
• Freelance creative? Studio rentals or stock photo subscriptions may qualify.
• Service provider? Client gifts or thank-you cards should be logged.

When you add all these up, you could save hundreds — or even thousands — of dollars.

TD;LR Checklist

Start Here:

• July and December statements (recurring charges)
• Annual expenses (insurance, licenses, memberships)

Calculate:

• Home office square footage
• Phone/internet business percentage
• Business mileage
• Equipment purchases

Hunt These Down:

• Professional development (courses, books, conferences)
• Marketing (business cards, ads, promotional materials)
• Contractor payments
• Industry-specific expenses
• Client meals, shipping, supplies

Don’t forget to double-check all your deductions to make sure they qualify. Don’t guess or leave money on the table. TurboTax can help you make sure you don’t miss a single deduction. 

Not sure if you’ve caught everything? Use the Self-Employed Tax Deductions Calculator to review potential deductions before you file.